Casey's General Stores (NASDAQ:CASY) Stock Price Expected to Rise, The Goldman Sachs Group Analyst Says

Key Points

• The Goldman Sachs Group has raised the price target for Casey's General Stores from $450 to $490, suggesting a potential downside of 7.97% compared to its current stock price.
• KeyCorp and Jefferies Financial Group have also lifted their price objectives significantly, with KeyCorp setting it at $575 and Jefferies at $600, indicating a consensus outlook of a "Moderate Buy".
• Casey's General Stores reported a strong quarterly earnings performance, with an EPS of $5.77, exceeding analyst expectations, and a year-over-year revenue increase of 11.5%.

Casey's General Stores (NASDAQ:CASY - Get Free Report) had its price objective upped by The Goldman Sachs Group from $450.00 to $490.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a "neutral" rating on the stock. The Goldman Sachs Group's target price indicates a potential downside of 7.97% from the company's current price.

Several other equities research analysts also recently weighed in on the stock. KeyCorp boosted their price objective on shares of Casey's General Stores from $550.00 to $575.00 and gave the company an "overweight" rating in a research report on Friday, July 25th. Stephens reaffirmed an "overweight" rating and set a $530.00 price objective on shares of Casey's General Stores in a research report on Tuesday. Jefferies Financial Group boosted their price objective on shares of Casey's General Stores from $575.00 to $600.00 and gave the company a "buy" rating in a research report on Tuesday. Royal Bank Of Canada boosted their price objective on shares of Casey's General Stores from $468.00 to $542.00 and gave the company a "sector perform" rating in a research report on Wednesday, July 9th. Finally, Evercore ISI boosted their price objective on shares of Casey's General Stores from $560.00 to $580.00 and gave the company an "outperform" rating in a research report on Wednesday. Eight research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Casey's General Stores presently has an average rating of "Moderate Buy" and a consensus target price of $505.25.

Casey's General Stores Stock Down 1.6%

Shares of NASDAQ:CASY traded down $8.89 during midday trading on Wednesday, hitting $532.41. 337,259 shares of the company's stock traded hands, compared to its average volume of 353,870. Casey's General Stores has a twelve month low of $362.42 and a twelve month high of $549.21. The company has a market cap of $19.80 billion, a PE ratio of 34.17 and a beta of 0.66. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.48 and a current ratio of 0.92. The firm's fifty day moving average price is $514.22 and its two-hundred day moving average price is $469.70.

Casey's General Stores (NASDAQ:CASY - Get Free Report) last released its quarterly earnings results on Monday, September 8th. The company reported $5.77 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.02 by $0.75. Casey's General Stores had a net margin of 3.54% and a return on equity of 17.00%. The firm had revenue of $4.57 billion for the quarter, compared to the consensus estimate of $4.47 billion. During the same quarter in the previous year, the firm posted $4.83 EPS. The firm's quarterly revenue was up 11.5% on a year-over-year basis. On average, equities research analysts anticipate that Casey's General Stores will post 13.94 EPS for the current fiscal year.

Insider Buying and Selling

In other Casey's General Stores news, CFO Stephen P. Bramlage, Jr. sold 760 shares of the stock in a transaction that occurred on Wednesday, July 2nd. The shares were sold at an average price of $507.56, for a total value of $385,745.60. Following the completion of the sale, the chief financial officer owned 25,994 shares in the company, valued at $13,193,514.64. This represents a 2.84% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Mike Spanos purchased 200 shares of the company's stock in a transaction dated Monday, June 30th. The shares were acquired at an average price of $503.18 per share, for a total transaction of $100,636.00. Following the purchase, the director owned 3,560 shares in the company, valued at $1,791,320.80. The trade was a 5.95% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 43,646 shares of company stock worth $22,136,614. Insiders own 0.54% of the company's stock.

Institutional Trading of Casey's General Stores

Several hedge funds and other institutional investors have recently bought and sold shares of CASY. Wellington Management Group LLP grew its position in Casey's General Stores by 190.6% in the 1st quarter. Wellington Management Group LLP now owns 1,244,311 shares of the company's stock worth $540,081,000 after purchasing an additional 816,110 shares during the last quarter. GAMMA Investing LLC grew its position in Casey's General Stores by 54,448.8% in the 1st quarter. GAMMA Investing LLC now owns 543,852 shares of the company's stock worth $236,054,000 after purchasing an additional 542,855 shares during the last quarter. Norges Bank acquired a new stake in Casey's General Stores in the 2nd quarter worth $210,151,000. JPMorgan Chase & Co. grew its position in Casey's General Stores by 42.0% in the 1st quarter. JPMorgan Chase & Co. now owns 1,036,426 shares of the company's stock worth $449,851,000 after purchasing an additional 306,628 shares during the last quarter. Finally, Third Point LLC acquired a new stake in Casey's General Stores in the 1st quarter worth $130,212,000. 85.63% of the stock is currently owned by institutional investors and hedge funds.

Casey's General Stores Company Profile

Casey's General Stores, Inc engages in the provision of management and operation of convenience stores and gasoline stations. It provides self-service gasoline, a wide selection of grocery items, and an array of freshly prepared food items. The firm offers food, beverages, tobacco products, health and beauty aids, automotive products, and other non-food items.

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